Debit cards are plastic cards that function like a check and are easily utilized like a credit card. Debit cards are commonly one of two types, either branded Visa or Master Card. When you use such a debit card to pay for a purchase, then this amount is deducted immediately from your checking account. Both convenience and security features are included in the use of a debit card.
Debit cards provide tremendous convenience in their ease of use. No longer do you have to make sure that you are carrying enough money on you, or to take the time to write out a physical check while the long line waits impatiently behind you. Besides this ease of use, debit cards are accepted at literally millions of places around the country and the world.
Nowadays, they can be used for almost any purchase, such as lunches or dinners at restaurants, monthly bill payments, merchandise in retail stores, groceries, prescriptions, gas, online purchases, over the phone orders, and even fast food.
Debit cards’ spending is easy to keep track of as well. The majority of such transactions are both deducted and posted to a checking account in twenty-four hours or less. This allows for you to conveniently monitor your constantly updated transaction record and balance either over the phone or the bank or card issuer’s website. Besides this, debit cards also offer statements, much like credit cards, that outline all purchases made, with details on the name of the merchant, date, location, and amount of transaction.
Debit cards offer another benefit in their security provisions. These cards include free fraud monitoring that helps to find and stop activity that is suspicious with your debit card. They also come with policies of zero liability that protect you from charges that you did not make or authorize. Fraudulently taken out funds are guaranteed to be returned to your account. The vast majority of debit cards also come with the security feature of three digit security codes that allow you to confirm your identity for both phone and Internet orders and purchases.
Debit cards allow two ways for completing in person transactions. One of these is through swiping the card and then signing the receipt issued by the merchant representative. The other is via using a pad with your PIN, or personal identification code, after the card is swiped.
A final benefit that you gain from a debit card is that most of them provide rewards that are earned simply by utilizing them. These are earned in one of two ways. With Visa Debit cards, you are able to receive discounts from some merchants who provide these special price breaks for the holders of Visa cards.
Other debit cards provide extras rewards programs. These rewards programs pay you back with some type of reward for every purchase that you make. These can be cash rebates or more commonly awards that are earned through the collection of such points.